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Jet Airways Ltd Crisis Stock going Down with its Performance Jet Airways Ltd Stock gone Down from Rs 890 to Rs 284 with its Bleeding Performance

Jet Airways India Ltd Stock fell in early trade today amid reports which said the Airline would be unable to Fly ... The stock is down more than 70% since the beginning of this Year.

Salary cuts for Pilots are going to be in the range of 15% to 25%. inning of this year.

According to a report , the management team, including Chairman Mr Naresh Goyal, has informed employees in face-to-face meetingsin recent days in Mumbai and Delhi that the Airline's financials are in a bad shape and drastic measures needed to be taken to cut costs.

Jet Airways is the latest Airline to feel the pinch of rising crude prices and a falling rupee. The Airline has informed its employees that they will have to take a 20% - 30% Salary cut due to rising operational expenses. The salary cut is from 10% for employees earning Rs 12 lakh per annum to 20% for Employeesearning up to Rs 1 crore. Salary cuts for pilots are going to be in the range of 15%.

Meanwhile, Jet Airways has approached investment bankers again to help sell a stake in the carrier.

According to the report, the Airline was looking to raise immediate cash and the transaction could include Jet Airways founder Naresh Goyal selling a part of the promoter's stake inthe company.

Jet Airways saw profits in two consecutive years - fiscal 2016 and 2017 - but saw losses of Rs 76 crore in FY 2018. The Airline is not alone in this. IndiGo reported a 97% drop inprofits in the April-June period from the year-ago quarter.

Jet Airways, which completed 25 years of operations earlier this year, had 16,500 Permanent Employees as on March 31, 2018.Besides, there were a total of 6,500 Temporary / Casual Employees, as per the Airline's annual report for 2017-18.

"Financial performance during the quarter was weaker due to the Continuing increase in the price of Brent fuel without a corresponding increase in Air fares, as well as mark-to-market adjustments due to a weaker rupee," Jet Airways Chief Executive Officer Mr Vinay Dube said. For Financial Year 2017-18, theAirline reported a standalone net loss of Rs 767.62 Crore, against a net profit of Rs 1,482.52 crore, according to the filing.

Jet Airways Chairman Naresh Goyal has apologised to shareholders for the losses they suffered because of the sharp erosion in the Airline’s share price.

Shares of India's second-largest domestic Airline hit a 52-week

low of Rs 286.95 in intra-day trade on Thursday — it closed at

Rs 301.7. On a year-to-date basis, the stock has tanked 63.7

per cent, highest fall among aviation stocks. IndiGo and SpiceJet stocks, meanwhile, were down 11.7 and 38.6 per cent, respectively, during the same period.

A lot of shareholders have lost money. I felt guilty and embarrassed,” Goyal told shareholders after listing out measures for growth and corporate governance at the annual general meeting here on Thursday.

Jet launched an IPO in 2005 with an offer price of Rs 1,100 and the stock has been trading below the listing price for the past12 years.

Goyal — facing tough questions from employees for enforcing

salary cuts — broke away from his prepared speech at the AGM to list steps to improve the situation at hand. He said a new committee would be set up to improve public perception and negative publicity. He said the board was being strengthened to correct a perception that the Airline is a family-run enterprise. He also said former bureaucrat and board memberNasim Zaidi would Chair the company's executive committee.

Mr Naresh GoyalHe’s the Chairman of Jet Airways.His first job was of a cashier in his uncle’s travel agency,

East West Agencies.After graduating, he joined Lebanese International Airlines.Between 1967 to 1974, he worked with several foreign Airlines.In 1975, he became the RM of Philippine Airline in India.

In 1991, when the Indian economy adopted the LPG policy, the

government of India announced the Open Skies Policy.This policy enabled liberalization of rules and regulations of

the international aviation industry.He launched Jet Airways as an Air service on May 5, 1993.II. Jet Airways - Birth and childhood:

1992 - Incorporated as a limited liability company.1993 - Began operations as an Air taxi. It used to provide the

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